Cooperation portfolio bet, Egypt, Asian Development Bank hits $1B

CAIRO - 22 December 2021: Egypt is a founding member and a major partner of the Asian Investment Bank in infrastructure projects with a portfolio of more than $1 billion, in the sectors of energy, sanitation, development of rural areas and recovery from the Corona pandemic, according to Vice President of the Bank for Investment Operations Konstantin Limitovskiy.

 

Limitovskiy pointed out that the Bank is working with multilateral development banks to support transportation projects in Alexandria.

 

This came on the sidelines of the Development Cooperation Workshop in the Field of Infrastructure and Connectivity Projects in Egypt, organized by the Ministries of Finance and International Cooperation, in partnership with the Asian Infrastructure Investment Bank and the Bank’s Multilateral Cooperation Center for Development Finance.

 

He stressed Egypt’s ability to act as a regional logistics center for transport, and energy, in light of the implementation of many projects such as the Cairo Cape Town road and the sustainable energy strategy, and that the bank is open to opportunities for cooperation and support in these axes, as it works through its strategy to reach its financing for infrastructure and connectivity to 25-30 percent in 2030, as well as climate financing to 50 percent in 2025, and strengthening joint work in these areas with the government and private sectors.

 

For his part, Gongjing Wang, CEO of the Multilateral Cooperation Center for Financing for Development, said that the center aims to meet the needs of developing countries for investments in the areas of infrastructure to enhance the implementation of sustainable development goals, support the axis of capacity building and technical support for governments, explaining that infrastructure development It is reflected in the development of regional and foreign trade, so the center and many other development partners are working to play a pivotal role in strengthening infrastructure and cross-border connectivity.

 

Wang praised Egypt's success in achieving economic development and the reforms made during the past years that led to the economy's flexibility and protection from the repercussions of the Corona pandemic, to become one of the fastest growing economies in the world, in addition to seeking to implement projects that support Egypt as a global logistics center.